S&P rates Lufthansa hybrid BB

Standard & Poor’s said it assigned its BB long-term issue rating to the proposed long-dated, optionally deferrable and subordinated hybrid capital securities to be issued by Deutsche Lufthansa AG (BBB-/stable/A-3).

Under this transaction, Lufthansa plans to issue euro-denominated hybrid instruments. The

amount remains subject to market conditions.

The agency said it considers the proposed securities to have "intermediate" equity content until their respective first call dates because they meet its criteria in terms of subordination, permanence and deferability at the company's discretion during this period.

S&P said it arrived at its BB issue rating on the proposed securities by notching down from its BBB- corporate credit rating.

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